2016 Archives - LEND360

OnDeck COO James Hobson wants regulatory bodies to have a balanced approach when making regulations and understand the benefits SMEs derived through lending.

Small and medium-sized enterprises (SMEs), firms with fewer than 500 employees, are the backbone of U.S. economy. They make up 99 percent of all firms, employ over 50 percent of private sector employees and generate 65 percent of net new private sector jobs. Any financial institution looking to service this segment is looking at a Trillion dollar market. But brick and mortar banks have been traditionally hesitant to lend due to inability to analyze SMEs credit worthiness and the high cost of customer acquisition and servicing. Read full article…

The purpose of this regulation is to impose limitations on the costs and terms of certain defined extensions of conumer credit to service members and their dependents and to provide additional consumer disclosures for such transactions.
By Martin T. (Marty) Mitchell, CRCM (LEND360 Speaker)